MULTIPLE dealerships across the US are shutting their doors for the final time after the industry suffered a massive hacking issue. The car dealerships are shuttering for several reasons, from million-dollar losses and allegations of mismanagement to intentional cuts to company footprints. Dealerships selling brands like Maserati, Fiat , Ford , and Lincoln cars closed in the past month.
Here is a roundup of our reporting on the dealership closures: 1. FINAL FORD Buddenhagen's Ford in New York shut its doors for the final time in mid-July. The 90-year-old lot previously sold Dodge cars until it switched to Ford vehicles in the mid-1970s.
Read More on Dealerships But the company had recently suffered a tragic loss. After the business' original owners sold the lot to a pair of co-owners, one new manager died after a leukemia diagnosis. "I'll still have a lot of work to do inside, but we will officially be closed after Friday," Hal Roeder, the latest owner, told the local Sullivan County Democrat .
2. HARLEY-DAVIDS-DONE An iconic motorcycle dealer is shutting down after over a century of work. Most read in Motors The San Francisco flagship dealer for the brand shuttered in June after 114 years in business.
Former employees spoke out against what they perceived as mismanaged product supplies in the store. A mechanic for the now-closed dealer said it barely sold products and was "run like a museum. He angrily said the managers were a driving force that ran the dealer "into the ground.
" 3. MONEY LEFT Another dealership brand with 18 locations across the US is shipping out. AutoCanada, a brand of dealerships in the US and Canada, said it is considering shuttering its American dealers after recording million-dollar losses.
American brands suffered massive sales fallout from the CDK Global cyberattack , which targeted a dealership network of sales operating systems. AutoCanada reported losing $33.1 million in the US during the hack.
It reported a net income of $2.4 million in Canada. "Spending time and energy to properly turn those stores .
.. I don’t think makes sense given the current conditions," the company's Executive Chair, Paul Antony, said when pressed about the losses on an earnings call.
Here are some expert tips when purchasing a car from a dealership lot: 1. Set your price: Ensure you've calculated your monthly budget before going to the lot. You should include the car's loan payment, insurance costs, fuel, and regular maintenance.
2. Research: Make sure you know which cars you're interested in test driving before you reach the dealership. 3.
Pre-approval: Secure financing before you go to the dealership. Dealerships may give you a better interest rate if they are competing with an outside bank. 4.
Test away: Get behind the wheel before making any payments. A car purchase will be worth thousands of dollars - drivers should ensure they like the drivetrain, steering feel, and comfort of the car before taking it off the lot 5. Haggle: Drivers should always try to negotiate the price.
There are so many good cars on the American market - buyers have a strong hand when negotiating price. Source: Kelley Blue Book 4. LINC LOSS Lincoln confirmed to The U.
S. Sun that the brand is working to shutter 50 locations by December 2024. In January, Lincoln announced a buyback program, hoping to purchase dealers from franchise owners and dwindle its footprint.
The company had over 600 lots in 2021, far more than its competitors. Lincoln initially wanted to reduce its headcount to 400, but a spokesperson told The U.S.
Sun that they reassessed their plans. Now, the company will have a headcount of 450 by year's end. Lincoln is on pace to have a rebound in sales this year, with its highest sales since 2020.
A Lincoln spokesperson told The U.S. Sun that the company made "significant progress" in shutting down locations in 2024.
They said the brand would "continue to work together with our retailers to make sure we have the right representation in the top luxury markets." 5. FIAT FINALE An Alabama-based dealer selling iconic Stellantis brands is also closing its doors for the last time.
Benchmark Automotive, a franchise owner with Fiat, Maserati, and Alfa Romeo luxury cars , sold its dealership for $40 million in May. Read More on The US Sun Hallmark Group, a franchise owner of Subaru dealerships, purchased the 4.4-acre lot.
City officials said they're sad to see the luxury cars leave but remain excited about Subaru's outdoor-focused brand..
